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GM Core / Chapter 2: Building Games / Building Items / Concept and Role

Comparison

Source GM Core pg. 130 2.0
First, look at similar items. For example, if you want a permanent item that lets someone fly, look at the flying broomstick, which moves of its own volition to a location and thus can't be used to gain a huge advantage in combat, and winged sandals, which can. This will give you an idea of the right level range and the specifics and limitations of existing items. You might even be able to just adjust one of those to get what you want with minimal work.